Jul 21, 12:57 PM EDT

Egyptian currency hits fresh low on black market


Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
Egypt's scholars reject government-written sermons

Egypt asks IMF for $12 billion loan amid struggling economy

Egypt's Coptic Pope warns of increased attacks on Christians

Egypt's el-Sissi scraps attendance at summit in Mauritania

Egyptian currency hits fresh low on black market

Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
UK economy grew faster than expected in run-up to EU vote

Italian banks in focus as Europe shrugs off Brexit _ for now

Japan poised to pump up sluggish growth with new stimulus

UN agency: Economy still sliding in Latin America, Caribbean

Nigeria's central bank hikes interest rate to 14 percent

Trade group raises 2016 sales growth forecast to 3.4 percent

South Korea's growth improves on better consumption

German business optimism down only a bit after Brexit vote

G-20 countries pledge to protect against Brexit shock

Brexit deals heavy hit to UK economy but eurozone holds up

Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

CAIRO (AP) -- Egypt's currency has fallen to new lows on the black market, with media reports saying it had reached levels of about 12 pounds to the dollar.

Thursday's slide comes a day after local newspapers carried comments by Central Bank Governor Tarek Amer that were taken to imply that another devaluation was in the works.

The Egyptian pound was last officially devalued in March but has since fallen to new lows, especially compared to the central bank's official rate of 8.78.

Years of unrest since the 2011 overthrow of longtime autocrat Hosni Mubarak have taken a heavy toll on foreign investment and Egypt's vital tourism sector, two key sources of foreign currency. Reserves fell 18.1 percent from June to December, shrinking to $16.5 billion, according to central bank data.

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.